Silverfin false false 31/07/2023 01/08/2022 31/07/2023 S Agass 01/03/2023 Dr J A Bishop 12/01/2005 Dr M D Bull 01/06/2000 Dr R Gordon 01/06/2000 22 February 2024 The principal activity of the Company during the financial year was that of developing specialised software solutions for technical scientific applications. 03812608 2023-07-31 03812608 bus:Director1 2023-07-31 03812608 bus:Director2 2023-07-31 03812608 bus:Director3 2023-07-31 03812608 bus:Director4 2023-07-31 03812608 2022-07-31 03812608 core:CurrentFinancialInstruments 2023-07-31 03812608 core:CurrentFinancialInstruments 2022-07-31 03812608 core:Non-currentFinancialInstruments 2023-07-31 03812608 core:Non-currentFinancialInstruments 2022-07-31 03812608 core:ShareCapital 2023-07-31 03812608 core:ShareCapital 2022-07-31 03812608 core:RetainedEarningsAccumulatedLosses 2023-07-31 03812608 core:RetainedEarningsAccumulatedLosses 2022-07-31 03812608 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 03812608 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 03812608 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 03812608 core:ImmediateParent core:CurrentFinancialInstruments 2022-07-31 03812608 core:CurrentFinancialInstruments core:Secured 2023-07-31 03812608 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-07-31 03812608 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-07-31 03812608 bus:OrdinaryShareClass1 2023-07-31 03812608 2022-08-01 2023-07-31 03812608 bus:FilletedAccounts 2022-08-01 2023-07-31 03812608 bus:SmallEntities 2022-08-01 2023-07-31 03812608 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03812608 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03812608 bus:Director1 2022-08-01 2023-07-31 03812608 bus:Director2 2022-08-01 2023-07-31 03812608 bus:Director3 2022-08-01 2023-07-31 03812608 bus:Director4 2022-08-01 2023-07-31 03812608 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-08-01 2023-07-31 03812608 2021-08-01 2022-07-31 03812608 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 03812608 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 03812608 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 03812608 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 03812608 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03812608 (England and Wales)

RISKAWARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

RISKAWARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

RISKAWARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
RISKAWARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 847,795 615,379
847,795 615,379
Current assets
Stocks 294,282 468,166
Debtors 4 376,954 119,353
Cash at bank and in hand 150,973 236,888
822,209 824,407
Creditors: amounts falling due within one year 5 ( 680,700) ( 548,864)
Net current assets 141,509 275,543
Total assets less current liabilities 989,304 890,922
Creditors: amounts falling due after more than one year 6 ( 180,000) ( 260,000)
Net assets 809,304 630,922
Capital and reserves
Called-up share capital 7 20 20
Profit and loss account 809,284 630,902
Total shareholder's funds 809,304 630,922

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RiskAware Limited (registered number: 03812608) were approved and authorised for issue by the Director on 22 February 2024. They were signed on its behalf by:

Dr J A Bishop
Director
RISKAWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
RISKAWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RiskAware Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Whitefriars, Lewins Mead, Bristol, BS1 2NT, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 30

3. Intangible assets

Development costs Total
£ £
Cost
At 01 August 2022 636,101 636,101
Additions 242,572 242,572
Disposals ( 25,587) ( 25,587)
At 31 July 2023 853,086 853,086
Accumulated amortisation
At 01 August 2022 20,722 20,722
Charge for the financial year ( 15,431) ( 15,431)
At 31 July 2023 5,291 5,291
Net book value
At 31 July 2023 847,795 847,795
At 31 July 2022 615,379 615,379

4. Debtors

2023 2022
£ £
Trade debtors 288,789 114,260
Amounts owed by Group undertakings 250 250
Amounts owed by Parent undertakings 87,915 0
Prepayments 0 4,843
376,954 119,353

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 80,000 80,000
Trade creditors 42,079 36,196
Amounts owed to Parent undertakings 0 58,335
Amounts owed to fellow subsidiaries 398,618 277,518
Accruals 19,924 14,306
Other taxation and social security 123,074 67,329
Other creditors 17,005 15,180
680,700 548,864

The bank loan is secured by director's guarantee

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 180,000 260,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20 Ordinary shares of £ 1.00 each 20 20

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 15,070 13,170

9. Related party transactions

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.